Circular dated December 12, 2019 regarding the Irregular Legal Persons Initiative (Creditworthiness Categories 9 and 10)

Dear Sir / Chairman of the Board,

Greetings,

In light of the role played by the Central Bank of Egypt in monitoring economic developments and stimulating various sectors, and to facilitate matters for irregular customers with the aim of driving the production wheel, which has a positive impact on the Gross National Product in repayment, and with the desire to reintroduce them into the economic activity circle, the following initiative has been issued:

1. The initiative applies to legal persons, whether or not judicial proceedings have been taken against them, from customers with doubtful or bad debts (creditworthiness categories 9 and 10), and whose debt balance is less than 10 million EGP.

2. The outstanding debt balance in the bank's books (without accrued interest) as of September 30, 2019.

3. The initiative takes effect from this date until June 30, 2020.

4. If the customer, during the initiative period and until June 30, 2020, pays cash 50% or more of the debt balance, the following shall occur:
   a. Removal from the negative list at the Central Bank and the Egyptian Credit Information Company (Score - I). b. The trading ban regarding this debt shall not apply.
   c. Waiver of all ongoing and exchanged cases at the courts.
   d. Release of all guarantees related to this debt.

5. The value of the debt forgiveness is determined by your bank in light of the customer's credit study.

I would like to emphasize in this regard that your bank must take the necessary measures to achieve the objectives of this initiative, including ensuring that customers who meet the above conditions are notified via registered letters in addition to other communication means, while ensuring that the settlement is completed in accordance with the correct law.

Please be kind enough to alert regarding the adoption of the necessary actions to implement the aforementioned initiative from this date.

$\mathbf{P}$
$ eg$ 2.

Accept our highest regards,

Tarek Amer